>> syria, oil, and the wait continues on what action the united dates will take and what impact it will have on the markets. i am phillip yin in washington. >> i am michelle makori. at the nasdaq market in times square in new york. the world's leading exporter of dairy products says it's baby formula is safe after a multimillion dollar recall.

>> welcome to the biz asia america. much more on what is happening in syria, but also latin america as well. we will travel to brazil to see what that country's central bank is doing to keep interest rates on hold. a special report on south africa's fight for economic equality. first, the latest from syria. >> u.s.says the u.s. is certai's government carried out chemical weapon attacks near damascus last week. obama said the u.s. had not yet decided whether to go ahead with military intervention. the permanent members of the un security council have held talks on a british resolution that could allow military action in syria, but that meeting has ended in deadlock. full report later on in the

program. thousands gathered in washington to pay tribute to a historical day for civil rights in the u.s. 50 years ago, in 1960 three, the march on washington and martin luther king junior's iconic "i have a dream" speech changed history forever. i will be back in 30 minutes for more. now back to michelle in new york. >> thanks. despite the situation in syria, u.s. stock markets advanced today comer singh -- reversing two straight sessions of losses. the dow and nasdaq rose 0.4%. the s&p 500 gained 0.3%. we had a big syria fueled selloff yesterday. some traders saw this as a buying opportunity and jumped into the market. still believing the u.s. equity market will rain resilient or the lesser of all evils, the best place to invest.

big gains in the energy sector as well as energy continues to surge on concerns the syrian situation will affect oil markets. u.s. crude futures rose 0.4%. during the day, oil hit its highest level since may 2011. oil also boosted the energy sector, with marathon oil leading the s&p 500 gainers. chevron gained 2.5% and exxon mobil was up 2.3%. a rally in energy shares boosted the broader market, but it did have a negative impact on the airline stock. the new york stock exchange's airline index fell 0.3%, extending an almost 4% drop in the previous session. u.s. airways group fell 0.8%. investors are concerned rising oil prices will cost airline profits. the u.s. dollar rallied across

the board as investors see it as a safety plan showed western military action be taken in syria. the u.s. markets showed some signs of resilience today. the possibility of a u.s. attack on syria jolted other markets around the world. asia's emerging economies were hit especially hard. fears the u.s. federal reserve would stop tapering its stimulus program were already putting pressure on asian markets. now investors are concerned rising oil prices could further hurt growth in the region. the benchmark index in the philippines, one of the best performer so far this year, don 3%. the main index of thailand dropped 1.4%. now almost down 20% since late may. the dubai stock index fell 1.3%, adding to the 7% loss on tuesday. analysts say the long-term impact will depend on how long the potential military intervention will last. >> the main thing investors are

waiting for is the extent of intervention. assuming it is limited. we should probably see a quick turnaround. >> as the u.s. and allies are considering military intervention in syria in response to the alleged use of chemical weapons, there is global concern it could pose a threat to the global oil supply. the conflict already pushed crude prices to a 67 month high. >> -- a six-month high. >> in recent days, the possibility of a u.s.-led military strike on syria following the alleged use of chemical weapons pushed u.s. oil prices higher than they have been in 18 months. october futures for u.s. crude trapped -- crept over $110. brent crude hit $117 a barrel, the highest in six months, on fears the u.s. and its allies are per pairing to attack syria -- preparing to attack syria.

this raised concerns over supplies in the middle east, which pumps one third of the world's oil. >> they are pricing in an attack on syria, which is basically seeing as a given. the only question is when, who is going to be involved, and what form the attack is going to take. but the markets are taking it as a given. i think brent could go up by another five dollars or $10. simply based on the anticipation of an imminent attack on syria. >> syrian oil output is not much of a factor, as more than 30 countries produce more oil. syria's production has artie fallen to less than 15% of what it was. syria's oil output has dropped to 50,000 barrels a day from 350,000 barrels a day when civil unrest first began two years ago. it is the spillover effects. traders are concerned any strike

on syria may distress other parts of the middle east and threaten exports from a region that produces over 35% of the world's oil. saudi arabia, the largest supplier of oil in opec, has backed opponents a serious president -- syrian president bashar al-assad. iran supports assad. >> if they start to affect iraq 's main crude exports, that is $2 billion a day potentially at risk. that is my big concern. i think an attack on syria is likely. not possible, it is probable. iraq is a wildcard, particularly the south. that would be my top worry. >> experts say oil markets have already begun to price the risk of military action as a u.s. strike inches closer to the middle east. >> we are taking a quick break

here. coming up, brazil's central-bank fights for him... -- fights for another interest rate increase. details when we return, and so much more. stay tuned.

>> welcome back to biz asia america. brazil is dealing with inflation. they have raised rates there for the fourth time. our guest now joins us from new york, the former deputy governor of the central bank of brazil. now the head of research on emerging markets. i apologize -- technical difficulties here. we will try to get him back in a

moment. we will talk about south africa now. the government has agreed to talks with striking farmers after the nationwide strike ended its 10th day. protests this -- protests are against the free trade talks with the u.s. and eu. protests have the five people dead and hundreds injured. farmers launched a protest, but demonstrations have grown. now more than 200,000 are growing in on the marches. they see the government's agricultural policies are misguided and hurting the economy. they are also asking for officials to protect the country's for. --poor. we now have paolo back on the line with us. head of -- former head of the central bank. we were talking about earlier, the central bank raising interest rates. basically to fight inflation. there is a whole other dynamic

because the economy is not necessarily strong either. the question is, the brazilian economy is going through a mini- crisis. some are blaming the u.s. what do you see is happening right now? >> i think there are two elements. one is really, it has to do with a phenomenon happening all over the world. particularly in some of the emerging market countries. it has to do with changes or expected changes in u.s. monetary policy. expectations of a stronger dollar, higher u.s. rates, and therefore weaker emerging market currencies. particularly currencies like the brazilian real. in addition to this, the brazilian economy over the last few years has been really underperforming. it has today very severe macroeconomic imbalances, particularly a rather large current account deficit.

as you pointed out, low growth, rising inflation, a fiscal deficit growing very rapidly and seems to be somewhat out of control, and in general a lack of any kind of sustainable reforms that would increase investment and productivity. >> to be honest with you, as i am listening to you i do not feel all that optimist that whatever they are doing over there is -- raising the rates in fixing the economy -- what else can the central bank do? are we looking at this properly? is it really the central bank's job to fix the economy? >> it is not. the central bank always has a short term target. with the central bank has done right now is quite adequate in the sense that it is not intervening anymore than it was intervening before in the foreign exchange market. but it is doing so in a more predictable way. that gives some reduction to the

market. it is offering a hedge in u.s. dollars for companies that borrowed abroad. it has given some tranquility to that market. in addition, it is trying to fight the possible inflationary pass through of changes in the exchange rate. the problem is the central bank has come very late. it did not act when it should have acted. >> are you saying they are making you miss a? >> no -- making a mistake? >> no. they made mistakes before. and are now trying to correct their mistakes today and fighting today's problem. when you are a central bank with low credibility you have a bigger problem than if you are a central bank that has always been on top and can count on your existing credibility. this is a weak central bank, a central bank that has lost credibility and is now fighting a difficult fight. i think it will manage to bumble

along. what you have to keep in mind as we have elections in about a year and three months. so the whole climate is already becoming very politicized. it has become very clear that brazil is a low-growth economy, as it was always. what was the exception was the period of china post-wto in a series of five or six years. given very buoyant external environment, it benefited a great deal, the brazilian economy. >> i want to ask -- there are a lot of people worried, not just in the central bank in brazil, but all over the world. the biggest criticism is taking not enough action to slow, or taking too much action later on. this raising of interest rates is now at 9% in brazil. is that going to be a problem in terms of the overall economy? have they done too much already? >> no, they have not.

brazil, unfortunately, is an economy that has always operated with a regime of high interest rates. with inflation expectations going up to 7% and real inflation, if you discount administered prices, in the range of 8%, a 9% nominal interest rate is really a 1% real rate, which is not high by historical brazilian standards. it is quite possible that interest rates, the real interest rates will have to go up even further. >> thank you very much for helping us explain what the central bank in brazil is doing and what they are doing right and doing wrong. thank you. the bank of england is ready and willing to inject more money. in his first major speech since becoming governor, mark carney reassured investors the bank of england will keep interest rates at record lows for the for siebel future. -- foreseeable future.

he says he hopes to keep rates low until the oncoming rate falls to 7%, which analysts do not expect until 2015. in france, a major change may be in store for the pension system. the socialist government unveiled a plan that would increase worker and company contributions beginning next year. it raises the number of years an individual must pay into the system from 41.5 years to 43 years. it will not raise the retail -- requirement eight above 62. the prime minister agreed to the proposal after two days of talks with trade unions and employers. the goal is to share the burden of paying for that people are living longer. >> it is my responsibility to restore long-lasting balance. to achieve this, there is no alternative but to extend the period into which people pay for receiving a pension. >> a person who starts work at 26, when you say you need 43 years of contribution before you can retire that means retirement

at 69. at the same time, employers are letting workers go on average of 56. >> france is trying to plug what could soon be a very big budget gap. the state pension fund is expected to fall more than 20 billion euros by the year 2020. over in germany, consumer confidence has fallen slightly despite signs of the economy stable. the consumer confidence index dropped 0.1% in the month of august, but alice do not -- analyst do not believe it is the start of a slowdown. but this is still the for stopping consumer confidence since every. africa is dealing with -- since february. africa is dealing with labor strikes. >> the proceedings of the first day, it soon turned because we

found out the solidarity had lunch complaints against lonmin. the stalemates were around wage levels. this moaning there was a -- morning there was a closed-door session where some of the players in the mining sector worked on the discussions they called for yesterday. we spoke to someone who said that if the mining sector does not get there act together, other countries will fully need. it is not good need for the mining here in johannesburg. >> that call for better conditions underscores a wider debate in africa about equality. in south africa, millions struggle to make a living, and analysts blame the legacy of colonialism. guy henderson has more from south africa. >> the richest town and effort

cap's -- in africa's richest economy. johannesburg was built on goal. now the super sistine that wealth on banking, property, and retail. no longer is the color of skin a greg was it for access, but -- a prerequisite for access, but 20 years after apartheid there is still a racial divide. >> the vast majority of black people in this country are poor were -- poorer and marginalized, not able to access the mainstream of the economy. >> since 1994, measures have been taken. the constitution instills equally individual rights for all. business dealings are characterized by black economic empowerment designed to draw in those previously disadvantaged. yet figures show how far south africa has to go. on average, whites earn or more -- more than four times that of blacks and occupy almost two

thirds of all management positions. >> a democratic country in terms of state, parliamentary processes, elections, all the constitutional processes which lend themselves to a democracy. yet we can see a large percentage of the population, the african majority, are still disenfranchised and completely dispossessed. >> experts say it could take years to reach an equal footing. not just in its largest economy. >> you cannot erase 300 years of colonialism in a few decades. it is impossible. >> the journey of her dress is a very long one. but with africa undergoing something of an economic revival, there does seem to be a new wave of hope. that governments can step up themselves and begin to eradicate extreme poverty and inequality completely. the continent has its own heroes to draw upon. but 50 years on from martin luther king's speech, his dream is still shared by millions. >> the dream is a little tougher

in egypt. the economy there is struggling. the interim leadership is now trying to stop it from unraveling altogether. egypt's finance minister outlined short-term plans to save the economy. >> and economy in distress. public debt exceeding $200 billion. a budget deficit at 14% of gdp. not to mention the rising number of unemployed people. the government says it has a plan. >> we are trying to activate the economy. we are trying to impose national discipline. finally, we are trying to do both of those in a way that achieves social justice to the extent possible. how can you be expansionary at the same time you do not want to have a budget deficit growing so fast? >> to stimulate the economy, you have to spend more. but with a budget deficit,

greater spending would need to come from increasing taxes. an option the minister says he would not like to take. >> by bringing in funds from outside the country, seeking support, counting on friends who can provide us with something -- some injection of funds from the outside, by doing that you are not raising taxes and pushing the economy into a contraction. we believe activating the economy should be through increasing the demand side, the expenditure side, but investment, not necessarily consumption. >> fear of public unrest has also stop the government from reducing subsidies and initiated by the previous leadership and demanded by the imf and world bank. in spite of the challenges, the minister stressed that he targets growth of 3% and a reduction in budget deficit from 40% -- 14% nine percent of gdp

by the end of the year. the world bank placed egypt in the top five countries that face a slowdown. analysts say that if the government does not act quickly the effects of the slowdown will some be felt with renewed violence and unrest in this rates. cctv, cairo. >> the streets of cairo have been relatively calm in recent days. many in the egyptian capital credit the military and the state of emergency. but store owners are struggling to find customers. >> a semblance of normality in central cairo. the famous traffic jams are back in shops are open. one trader says his business suffered in recent weeks. >> when the protests started, we now we have opened. >> for now, there are few customers.

>> work is slow. there is no movement. . unlike before. we are not selling. we even have big discounts to attract clients, but it is not working. >> at the height of the protest's two weeks ago, most of the shops on this read had all shut down and there were hardly any people on the streets. now let's appears to have returned to normal, showing how resilient the people -- life appears to have returned to normal, showing how resilient the people are. on the streets, many of those we spoke to e those -- echoed those sentiments. many encourage tourists to visit. tourism underpins the economy, and political turmoil has deterred tourists. for some in cairo, that depends on authorities preventing further protests by supporters of mohamed morsi. >> the curfew -- now you see

many people moving around. it has not been affected by muslim brotherhood rallies. the country has become better without the muslim brotherhood. >> the brotherhood is planning more protests this friday, but the feeling here is that these treats have seen the worst of the troubles. at least for now. cctv, cairo, egypt. >> next up after the break, bold and modern -- a step for retail giant walmart. last, find out why companies expanding into health plans to meet the growing definition of families.

>> you are watching biz asia america. i am michelle makori. new zealand said frontera products at the center of a global contamination scare did not contain a botulism- containing bacteria. the scan triggered an import ban

in some countries. frontera is the biggest dairy firm in new zealand, the world's largest exporter of dairy products. the latest tests found no traces of the bacteria that causes postural is in -- botulism. reviews tests found the bacteria, sparking fears over exports. the original findings triggered global product recalls, and even prompted russia entry like that the ban new zealand food products. walmart is extending health benefits to all its full-time employees, regardless of their sexual orientation. vision plans and surgeries, including hip replacements and incentives to quit smoking, are all included in the benefits. human rights groups say more than 62% of fortune 500 companies already offer domestic partner benefits. gay rights groups are calling walmart's decision a historic move.

100 billion and counting for the likes of bank of america and j.p. morgan chase. a new bloomberg news report shows the six biggest banks in the u.s. have piled up $103 billion in legal bills since the financial crisis. that is almost enough to wipe out all the money they made last year. wealth experts say relief of the big banks may be a long time coming. legal bills will probably grow as the federal government and investors get ready to file new claims over bad mortgages. mortgage applications for u.s. homes fell for a third straight week as interest rates for a 30- year fixed loan continued to rise. mortgage bankers association says applications fell 2.5% last week after sliding nearly 5% the week before. this decline coincides with an increase in interest rates, which now stand at 4.8%, the highest they have been so far this year. however, that rate still remains low by historical standards. time to get the latest on syria

and the rest of the world in national news. we begin with the ongoing crisis in syria. many developments around the world. u.s. president barack obama has said he has concluded the syrian government did use chemical weapons in damascus last week. obama told american public television he had made no decision so far on the use of military force, but he said syria's alleged use of chemical weapons had broken "international norms. nathan kane joins me now to explain that and much more. >> u.s. president barack obama keeping his cards close to his chest when it comes to military action. he said he did not want a prolonged war with syria, but also said he is convinced the governor -- the government of bashar al-assad has used chemical weapons, noticing the rockets were of a type only used by the syrian army.

he said it was time for action by the international community since the depths of maybe hundreds if not over 1000 in last wednesday's alleged attack. >> we have concluded that the syrian government in fact carried this out. if that is so, there need to be international consequences. we are consulting with our allies, consulting with the international community. >> the u.s. president and it ministration officials -- administration officials are convinced they used chemical weapons, and may we not wait for -- and may not wait for confirmation. the sense is not if, that when a military strike will be taken against syria. the only decision left is what the strikes will target and how long the operation will last. >> a sort -- short, surgical set of missile strikes can, she great deal against command and

control high profile sites like your public and guard headquarters. the headquarters of the divisions that matter most. the secret police and similar sites. even a day or two could get the message across quite thoroughly. >> the consensus seems to predict cruise missile strikes launched from one of the four destroyers in the eastern mediterranean, or submarines illuminating syrian air defenses, known to be more sophisticated than those of libya. then there is the danger of escalation. the u.s. is indicating it wants to limit the use of force to punishing syria for alleged chemical weapons use only, not get sucked into syria's civil war. >> it will be limited. they will not be as collation to a presence on the ground. the very essence of limited war is to keep your commitments limited. >> u.s. congress is in recess until early september.

while that most lawmakers seem to support a potential strike, the recent -- speaker of the house john boehner sent a long letter to the president asking for more of a nation of u.s. strategy over syria. perhaps reflecting the unease of many americans. >> u.s. lawmakers will be briefed in secret on thursday. the obama administration has legal hurdles, especially if they do not get the un security council resolution. they could justify a potential strike on the fact that syria has not come up to its claims of the geneva convention or broken chemical weapons treaties, or even to protect civilians, although 100,000 have died in syria have died before this attack, so that is a bit of a stretch. >> everything you are hearing is they could go at any time. is the united states ready to go on this alone without the united nations or some of its allies? what we are talking about this

with the obama administration, elected on the fact we need to rebuild alliances and not leave the u.n. out of it. but they are ready to go with some allies. the u.k. -- britain was on board, but it looks like they are reacting tonight and saying, look, let's wait for the u.n. weapons inspectors report. we got into trouble for not listening to the u.n. in iraq. a long legacy there. the u.s. will have to have a choice in the next few days about whether to go quickly or whether to wait for allies. >> thank you so much. the five permanent members of the united nations security council have been holding talks on a british-backed resolution that could allow military action in syria. that concluded with no signs of a vote. continuing talks are expected to meet further questions from russia and china, who strongly oppose military strikes. syria's representative to the u.s. -- u.n. said his country is in a state of war. >> in a surprise appearance, syria's u.n. envoy lashed out of

the u.k.'s attempt to bring a new resolution to the security council. >> there is no consensus in the council on any draft resolution, whether it is british, french, or american. because members of the council do not believe the authenticity of the accusations provided by this delegation or that delegation. >> adding to the dueling accusations over chemical weapons use, he claimed opposition forces had gassed dozens of syrian troops over the past week. he called on u.n. weapons inspectors in the country to broaden their mission once again to investigate the new allegations. earlier, u.n. secretary-general ban ki-moon said the inspection team needed at least a few more days to finish their work. >> it is essential to establish the facts. the united nations investigation team is now on the ground to do just that.

just days after the attacks, they have collected viable samples and interviewed victims and witnesses. the team needs time to do its job. >> though security council action appears unlikely, the secretary said the 15-nation body needed to act. >> syria is the biggest challenge of war and peace in the world today. the body entrusted with maintaining international peace and security cannot be missing in action. >> in geneva, the un's special envoy for syria said he had spoken to all stakeholders, adding the obama administration is not known to be trigger- happy. nonetheless, he said any retaliation against the syrian regime would need the security council's blessing. the un's special envoy for syria said he had spoken to all stakeholders, adding he did not

believe the obama administration was trigger-happy. he said any retaliation against the regime would need the security council's blessing. cctv, at the united nations in new york. >> more on the crisis in syria, including a look at china' point. i'm joined from beijing by our guest, the director at middle east studies at the china institute of international studies. thank you so much for joining us. i want ask you, what will china's reaction be if the u.s. and its allies strike syria? >> i think using the chemical weapons against civilians is a crime against humanity. it is a violation of all international norms. china is very much concerned about the news that the chemical weapons have been used in syria in this civil conflicts.

since the u.n. investigation team is on the site, they have already collected some samples, evidence, had interviewed some of the victims. they will come out with a kind of report to point out what is exactly happening in syria. we believe the international community and western countries should be cautious and a little bit patient. not in a hurry to jump to any conclusions. before the final results are out from the u.n. team, any actions by the west or the international community would be premature. it is a very serious issue. we have to wait and see exactly what happens, what the u.n. inspection team has to say. >> let me go on from that. we could expect some results

from the u.n. you know china did support the u.n. team investigators in the mass this. if they -- in damascus. if they find out chemical weapons were used, what should happen next? what do you think china's thanks -- china thinks should happen next? >> if they u.n. team finds out that chemical weapons had been years, then we will -- used, then we will have to find out who were the perpetrators. because this issue is very serious. it is a crime against humanity. so we should not get the perpetrators eisley -- easily away from what they have committed. so everything needs to be wait to see exactly who was the

perpetrators. that is very important. >> good point. even if they are used, no one knows for sure what was handed. from the china institute of international studies, we appreciate your time. thank you so much for joining us from beijing. the possibility growing up? at intervention in syria. in neighboring lebanon, the country has called to stay out of conflicts amid escalating security concerns. more from beirut. >> the lebanese president has called on all political forces here in lebanon to adhere to the country's official policy of disassociation with regards to the syrian conflict and to put the national interest first. since the outset of the syrian crisis, lebanon's official position has been one of disassociation, but that did not stop hezbollah, a powerful

military and political force in lebanon, sending fighters across the border to fight alongside the syrian army in support of syrian president bashar al-assad . there is increasing concern here in lebanon that, should the west strike syria, the effects will be felt here in lebanon. there is an ongoing threat of car bombings. this is a country deeply divided over the syrian conflict, and there have been three sectarian car bombings in lebanon in the past two weeks. that is a very real threat. let's also -- there is also concern that should the west strike syria, then hezbollah could retaliate by striking israel. it is only speculation, but it does highlight the increasing concern in lebanon that the country already engulfed by its

latest conflict is going to increasingly feel the effects of the escalating crisis across the border. >> belgium's former prime minister and current prominent european parliamentarian agrees with the u.k.'s position of waiting for the report of the united nations inspectors now in syria. he told jack barton that if the u.n. does not cover evidence of chemical weapons use, a security council deficit should not stand in the way of strikes. >> if there was use of chemical weapons in syria, it is obvious action is needed by the international community. but it is better that it is a unified position of the european union. not what we have seen in the case of iraq. the huge divergence of positions. now that we have seen in libya,

where britain and france were in favor of an operation and germany was against it. i think if there is evidence of the use of chemical weapons, i do not see any reason why this would not be a one position. >> should the european union's position be back by the u.n.? if so, should it go through the un security council? >> when it is possible to have a resolution of the security council, that is the best way to go forward. it is also possible there are still the obstacles of the russians and may be -- maybe even the chinese. i do not think we can continue like we have done the last year. today, more than 90,000 deaths in syria. there are 1.7 million refugees

outside syria. more and more evidence of chemical weapons used against his own citizens. >> what would you say is the timeframe for action? >> normally, banking moon has asked for four days -- ban jiki- moon has asked for four days for once that is there, the best thing to do is go forward to establish the process as fast as possible. >> aren't you concerned that western intervention could broaden the conflict, especially given comments by iran? >> the conflict is already there. for already two years, i am asking for an intervention of the international community. >> the annual meeting of defense ministers from the association

of southeast asian nations summit away in brunei. the u.s. defense secretary check hagel joined the group, also known as asean, on wednesday. he briefed them on developments in syria but did not seek asean support. they also discussed maritime security issues, including territorial disputes in the south china sea. 50 years ago, dr. martin luther king jr. inspired a nation with his now iconic "i have a dream" speech. coming up, how thousands commemorated the anniversary and honored dr. king with their own march on washington.

>> 50 years ago, u.s. civil rights leader dr. martin luther king jr. gave his famous "i have a dream" each of the march on washington.

today, thousands returned to the national mall to celebrate that anniversary. >> it was a very exciting day on the mall, despite a bit of rain. people came from all over the country to reflect on dr. king's legacy and take stock of what still needs to be done to make his dream a reality. on a rainy afternoon, 50 years later, dr. martin luther king's famous words still echo through the steps of the lincoln memorial. >> i have a dream. >> for michael howard andrea miller, who traveled from california for the 50th anniversary of the march on washington, the dream is still very much alive. >> it was a dream to think i would live to see a black president. or even a dream to believe that there would be there or better treatment for african-americans. >> u.s. president barack obama, along with former u.s. presidents bill clinton and jimmy carter, joined the civil rights leaders and the king

family to celebrate the legacy of the march and the civil rights movement. >> it is an opportunity tod to this nation. >> for many, the embodiment of dr. king's dream is barack obama, the united states' first african-american president. despite the progress, there is much more work to be done before the dream is fulfilled. 50 years later, african americans still face higher unemployment, lower homeownership, and it aggregate -- and a staggering wealth gap. the battle for economic justice continues today. >> the men and women who gathered 50 years ago were not there in search of some abstract idea. they were there seeking jobs as well as justice. >> as the day came to an end, the focus shifted from 50 years in the past to 50 years in the future. >> by that time maybe there will

be total equality in america. >> that is the dream. >> that is the dream. >> and the hope that one day dr. king's closing words will ring true for all. >> free at last, free at last, thank god almighty we are free at last. >> i met a woman at today's event was not able to attend the speech 50 years ago because her will -- family was afraid they would not be able to find restaurants or hotels that would serve black americans along the way. she told me that despite all the challenges america still deals with regarding race, the country has indeed gone a long way. >> you mentioned this -- it is still hard to get past the gap that still exist between black americans and white americans when it comes to economics. african americans still have a lower standard of living. >> in a gallup poll released today, 40% of african-americans think major -- racial discrimination is a major factor in why blacks have generally a lower standard of living.

there is still inequality in the u.s. many would still think martin luther king's ring to be at least partially unfulfilled. >> thanks for that. a military jury has sentenced major nidal hasan to death. he's the man responsible for killing 13 and injuring 32 in a 2009 shooting at a military base in texas. he represented himself in the trial and did not deny accusations. he described himself as a muslim holy war your. -- warrior. his victims included a pregnant woman and a 19-year-old shoulder. -- soldier. police in shanxi province are searching for a woman who gouged out the eyes of a six-year-old boy. the boy was later found by his family and transferred to an hospital where doctors say he was permanently blinded. police have rolled out the possibility of organ trafficking and posted a warrant of more than $16,000 for any clues to the capture of that suspect. the rape trial of the son of a

famous chinese singer is underway in beijing. he is accused him along with four others, of raping a woman at a hotel last february. he rejected the accusation that he had sexual intercourse with the victim. the victim is reportedly in a hospital suffering from stress and did not appear at the courthouse. he has been in trouble with the law before, sentenced to prison for a year in 2011 following a road rage incident. still to come, business news from around the world, including heavy price in syria -- how the christ in syria -- crisis in syria will affect gas prices.

>> for most people, the road out of poverty begins with education. in part three of our series on poverty and -- in colombia, a

look at how the government is trying to provide free education for millions of children across the country. >> a proud moment for the colombian president. a former brazilian president congratulated president santos on the progress he has made. >> we are giving free education up to 11th grade to all the children of colombia. we are putting in place programs to improve the quality of education so that there can be social mobility. >> just two years ago, colombian children received five years of free education only. that changed under the leadership of president santos. by the director of the university says the quality of primary education still needs big improvements. >> why?

because in big cities like bogotá we have a concentration of the elite class, and this class goes to private schools, where the price of education is 10 to 15 times more than what the state budgets per child. this only perpetuates the domination by a small elite. >> differences in the quality of education can be seen as soon as you leave the city and travel to rural colombia,. last year cctv visited a town called la gloria. there, a professor was in charge of teaching 150 students all the same time. a situation that has not changed to this date. >> you can imagine how hard it is for one teacher to handle 150 children. it is just not right. we need 10-15 more. >> colombia is spending around

4.4% of its gross domestic product on public education. a big improvement, but still below the global average of around 4.8%. many say the solution is not spending more, but ensuring the budget is better spent. >> today, the education sector is a combo showing -- accomplishing a basic need, access to education. but it is not satisfying the needs to develop the country or the promotion of social movement. >> colombia has demonstrated a growing political will to tackle education. the question is whether it is enough to make a difference we will living in colombia's countryside as well as its big cities. >> with that, let's send it over to fill at the business desk. >> who want to check on what is happening in asia. they did pick up a little momentum from u.s. markets

picking up a little bit. for more, cathy yang joins us live from hong kong. >> there is one thing that navy ships and aircraft do, guzzle fuel. heightened expectations of an imminent attack in syria will inevitably drain available oil supplies and push up prices. u.s. crude climbed two and 18- month record and brent crude hit a six-month high. that drove down stocks in asia on wednesday, partly over concern that a strike on syria could escalate into a wider regional conflict. in the first hour of trading in asia, shares are recovering. despite the global spike in crude prices, petro china has not benefited from it. china's dominant oil producer and natural gas distributed last -- lost $1 billion on wednesday after they disclosed three senior investigators were under

investigation by the chinese government for severe disciplinary violations and had resigned. in the first 30 minutes of trading, petro china shares in hong kong are recovering, up 1.25%. shares are up more. following the news of the investigations, morgan stanley analyst advised clients to shift away from petra china and invest in cnooc or sinopec. back in the earnings trail. china's third-largest lender, agricultural bank of china , said first-ever earnings beat expectations. shares in hong kong and shanghai are up. the chinese earnings season has been turning out to be substantially improved, says an analyst for asian equities for nomura. they have come in 10% ahead of consensus. the broader market in hong kong recovering after closing wednesday at the lowest level in more than five weeks while those

in shanghai are up as well. back to you. >> thank you very much. thank you for watching. we will see you tomorrow. before we leave, here is a clip of martin luther king's iconic 1963 "i have a dream" speech at the national mall, along with president obama's speech 50 years later. >> just as i have a dream. my four little children one day live in a nation where they will not be judged by the color of their skin but by the content of their character. i have a dream. >> when we turn not from each other or on each other but towards one another and we find that we do not walk alone. that is where courage comes from.